The 2018 Cost of Living Adjustment for VA disability compensation of 2.0% was the largest COLA increase in six years. This rate increase followed rate increase of 0.3% in 2017, and no rate increase in 2016. The following article explains VA Service Connected Disability Ratings, how VA disability compensation works, and shows the 2018 VA Disability […]
Understanding Family Separation Allowance (FSA) Pay
Separation from dependents is an unfortunate aspect of the military lifestyle. Fortunately, if your dependents cannot live at or near your permanent duty station, you may be entitled to Family Separation Allowance (FSA). You can qualify for FSA payments whether inside or outside the United States. FSA payments don’t make up for separation from loved ones. […]
How Divorce Can Affect Your Military Pay
Divorce is an emotionally and financially trying time for anyone, civilians and military members alike. However, if you are a military couple going through a divorce, there are laws and factors unique to a military divorce that can affect how you split your assets, including your pay and eventually, your retirement pay. If you are […]
2018 Retired Military Pay Dates and Retirement Account Statements
As we wrote in our military pay date schedule, the first step in creating a budget is knowing how much you will be paid, and when. The good news is that retired military pay dates are easy to remember: you usually receive your pay on the first of the month. The only exception is when […]
Guard and Reserve Handbook – Pay, Benefits, & Career Information
The Air Force recently published the 2015 Guard & Reserve Handbook. While this is targeted at the Air Force, there is a ton of great information for anyone serving in either the Guard or Reserves. I’ll dive in and share a few things you can learn from this resource, including information on pay, benefits, and […]
Waiver of VA Compensation to Receive Military Pay – VA Form 21-8951
Members of the Guard or Reserves are eligible to serve if they have a VA service-connected disability, provided they are physically cleared. However, there is one big caveat: they are not able to receive VA compensation on the same day they receive military pay. To serve again, you will be required to waive either your […]
Surviving a Military Paycheck Error
No system is perfect. Especially complex systems managing hundreds of thousands of unique inputs and outputs on a biweekly basis. Inputs and outputs that frequently change based on dozens of different factors that can change at a moment’s notice. Of course, the system I’m referring to is the military pay system. I’m sure you guessed […]
2018 Military Pay Dates – Active Duty, Guard, and Reserves
One of the first steps in creating a budget is knowing how much money you have coming in, and when. That’s why it’s important to know when you get paid. In general, military pay dates are easy to remember: you usually get paid on the 1st and 15th of each month. Note: Retired military members […]
Active Duty Military Retirement Benefits (Podcast 010)
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http://traffic.libsyn.com/militarywallet/TMW_010_Active_Duty_Retirement_Benefits.mp3Podcast: Play in new window | DownloadSubscribe: Apple Podcasts | Android | Google Podcasts | RSSToday’s podcast covers active duty military retirement benefits. We cover a wide range of topics in this interview with Doug Nordman, military retiree and author of The Military Guide to Financial Independence and Retirement. As a military retiree, Doug has a […]
New Allotment Rules – No More Allotments for Personal Property Purchases
The Department of Defense recently announced sweeping changes for when they will allow military members to use allotments from their base pay. Starting January 1, 2015, the military will no longer allow active duty servicemembers to use allotments for personal property purchases, including purchases of: Vehicles, including cars, trucks, motorcycles, and boats, Household goods such […]